LUXEMBOURG, Aug. 17 /CNW/ - Shropshire S.A R.L. ("Shropshire") announced
today that Shropshire has exercised warrants to purchase 10,000,000 common
shares ("Common Shares") in the capital of PharmEng International Inc.
("PharmEng" or the "Company") (TSX-V: PII) for aggregate gross proceeds to the
Company of CAD$3,500,000 (the "Warrant Exercise").
The Common Shares acquired are subject to a regulatory and TSX Venture
Exchange hold period until August 28, 2007.
Shropshire, a company created under the laws of Luxembourg, is an insider
and control person of PharmEng (each as defined in the Corporate Finance
Manual of the TSX Venture Exchange). As a result of the Exercise, Shropshire
holds 30,000,000 Common Shares, representing approximately 39.6% of the total
issued and outstanding Common Shares of PharmEng.
Shropshire's purchases have been made for investment purposes.
Shropshire, or entities controlled by Shropshire, may, subject to market
conditions, make additional investments in, or dispositions of, securities of
PharmEng in the future, including additional purchases of Common Shares.
Currently, other than as described herein, there is no one acting jointly or
in concert with Shropshire with respect to the securities of PharmEng.
Shropshire is part of an estate planning structure. The sole voting
shareholder is Wiltshire Holdings Limited, a Cayman Islands company that is
wholly owned by Barbados Limited by Guarantee, a Guernsey company. Bird Song
Anstalt, a Liechtenstein establishment, is the sole voting shareholder of
Barbados Limited by Guarantee. Bird Song Anstalt does not have any
For further information:
For further information: Shropshire S.A R.L. c/o Amaco (Luxembourg)
S.A., 52-54 Avenue du X Septembre, L-2550 Luxembourg, Luxembourg